ASX Updates Guidance Note 8: Continuous Disclosure

The ASX released the final version of its guidance note on continuous disclosure (Guidance Note 8) on 13 March 2013. The revised Guidance Note 8 has been submitted to ASIC and is expected to come into operation 1 May 2013.

In summary, the main changes to the old Guidance Note 8 clarifies:

• that 'immediately' does not mean 'instantaneously' but rather 'promptly and without delay';
• the operation of the 'reasonable person' test;
• when an entity should ask for a trading halt to manage its continuous disclosure obligations; and
• earnings surprises.

THE REQUIREMENT TO DISCLOSE INFORMATION "IMMEDIATELY"

ASX confirms that the word 'immediately' does not mean 'instantaneously' but rather 'promptly and without delay'.